GLITNIR TO ACQUIRE FIM GROUP AT 8 EURO PER SHARE

FIM Group Corporation Stock Exchange Release February 5, 2007 at 9.00 a.m
Finnish time

GLITNIR TO ACQUIRE FIM GROUP AT 8 EURO PER SHARE

Not for release, publication or distribution in the United States, Canada, Japan
or Australia.

Icelandic Glitnir banki h.f. (ICEX: GLB) has today announced an intention to
acquire the outstanding shares and options in FIM, through a public tender
offer. It has also obtained an irrevocable undertaking from shareholders in FIM,
who represent approximately 68 percent of the shares, to sell their shares to
Glitnir.

Terms of the offer

The shareholders of FIM have two alternatives to accept the public tender offer:

a) Combined cash and Glitnir share offer containing Eur 4.00 cash and 14.75
Glitnir shares per each FIM Share.

b) Cash offer for Eur 8.00 per FIM Share.

The combined cash and share consideration corresponds to a total consideration
of 8.00 euro per FIM share based on Glitnirs closing share price of ISK 24.80
on January 15, 2007 and an ISK/EUR exchange rate of 91.44, the mid-rate
published by the Icelandic Central Bank on January 16, 2007.

If the General Meeting of Shareholders of FIM resolves on a dividend
distribution in excess of Eur 0.14 before the settlement date of the public
tender offer, the offer price shall be reduced by the amount of the dividend in
excess of Eur 0.14 per share in any such dividend distribution.

The number of Glitnir shares paid as consideration may be adjusted based on
dividend distributions by Glitnir. If the General Meeting of shareholders of
Glitnir resolves on a dividend distribution in excess of 30% of the profit of
Glitnir as presented in the approved annual accounts for 2006, and the record
date established for such dividend distribution precedes the settlement date of
the public tender offer, the above Glitnir share price shall be adjusted
downwards ISK for ISK by the total amount of dividend distribution. The number
of Glitnir shares paid as consideration for each FIM share will be adjusted
accordingly. A dividend payment by Glitnir, as described above, does not affect
the offer price if the cash offer is chosen.

FIM stock option holders will receive 8 Euro per option less the trade weighted
average price of the FIM share in regular trading on the Helsinki stock exchange
between October 1 and December 31, 2006 (EUR 5.19). The trade weighted average
referred to above (the option exercise price) shall be adjusted by any dividend
paid by FIM.

The offer price, compared to FIMs historical volume weighted average share
price on the Helsinki Stock Exchange for the time period since the initial
public offering on April 13, 2006 and for the preceding three months, represents
a premium of approximately 37 and 43 percent, respectively. Compared to the
closing share price on the Helsinki Stock Exchange on February 2, 2007, the last
trading day before the announcement of the intention to make a tender offer, of
6.17 euro per share, the offer price represents a premium of approximately 30
percent.

The principle terms of the public tender offer, including the conditions for
completing the public tender offer, are included as an exhibit to this stock
exchange release.

Largest shareholders commitment to sell

Shareholders Seppo Sairanen, Markku Kaloniemi, Niklas Geust, Pekka Mölsä, Karri
Toivonen, Jussi Seppälä, Jukka Ylitalo, Antti Pohjola, Jan Forsbom, Jussi Hyöty
and Janne Holtari representing approximately 68 percent of the shares in FIM at
the time of announcement of the decision to make a public tender offer have
given, subject to certain conditions, an irrevocable undertaking to sell their
shares and options to Glitnir at a price of EUR 8 per share payable 50% in cash
and 50% in Glitnir shares by means of either (i) or (ii) below, whichever
results in the earlier settlement:

(i) by accepting Glitnirs tender offer to be commenced on or about March 12,
2007 or as soon as practicable thereafter; or

(ii) by one or several block trades on the Helsinki Stock Exchange made on the
first banking day immediately following the record date for any dividend payment
based on a resolution by the Annual General Meeting of Shareholders of FIM, not
to be held prior to March 15, 2007, provided that the following conditions are
met (unless waived by Glitnir)

(a) none of the conditions for the completion of Glitnirs tender offer have
been breached but they are fulfilled and/or continue to be satisfied (as the
case may be) at that time;

(b) the Annual General Meeting of Shareholders of FIM has resolved on electing
at least three (3) representatives of Glitnir in the Board of Directors of FIM,
such resolution being conditional upon and effective as of the execution by
Glitnir of the trades concerning the shares; and

(c) all the majority shareholders have also otherwise materially complied with
the terms of the letter agreement (as defined below) dated as of the date
hereof.

It is noted that in alternative (ii) the cash part and the share part of the
consideration for the shares shall be determined using the same principles as in
the tender offer.

The majority shareholders have furthermore signed a letter agreement wherein
they have inter alia given certain undertakings to use their best efforts with
regard to that FIM and its subsidiaries shall (i) conduct their respective
businesses in the ordinary course and in all cases based on reasonable business
judgment; and (ii) notwithstanding the aforesaid, refrain from making or
implementing, inter alia, any material changes in its business, any material
investments or divestments outside the ordinary course of business, or borrowing
any loan outside the ordinary course of business; and/or any change of articles
of association.

The current lock-up arrangements related to the shares held by shareholders
selling their shares in the initial public offering on April 13, 2006 will be
released to allow for the contemplated transactions to be executed. Furthermore,
the majority shareholders have agreed that Glitnir shares received by them
pursuant to these transactions will be subject to similar lock-up arrangements.

Timing and approvals

The offer period is expected to commence on March 12, 2007 or as soon as
practicable thereafter and a public offer document will be published prior to
the start of the offer period and it will also be available on FIMs website at
www.fim.com.

The offer is conditional on i.a. regulatory approvals and being accepted to such
an extent that Glitnir becomes the owner of more than two thirds of the total
number of shares in FIM. Glitnir has reserved the right to waive any of the
above conditions. The detailed terms and conditions will be published in a
public offer document.

Board of Directors statement and Fairness opinion

Members of the Board of Directors Niklas Geust and Jukka Ylitalo have not
participated and will not participate in the Board of Directors decisions on
the matter due to a potential conflict of interest relating to the above-
mentioned undertakings towards Glitnir.

The Board of Directors was informed of the largest shareholders intention to
sell their shares. The Board of Directors has not actively solicited alternative
buyers. However, the Board of Directors has been informed about other interested
parties who have held discussions with some of the largest shareholders. Such
discussions have not resulted in the Board of Directors being formally
contacted, nor has FIM received any competing offers or other offers. The Board
of Directors also notes that it was informed of, but did not actively
participate in the negotiations and arrangements in which Glitnir received
commitments from the Majority Shareholders to sell their shares and options.

The Board of Directors allowed Glitnir to conduct a limited due diligence review
prior to the announcement of the intention to make the tender offer based on an
indicative offer. FIM has also undertaken a limited due diligence review of
Glitnir.

The Board of Directors notes that Glitnir believes that the combination of
Glitnir and FIM would create a strong player in the Nordic market which would
strengthen both organizations and enhance and broaden the service and product
offering to the customers. Furthermore, Glitnir would be well positioned to
support FIM with regard to the development of retail banking operations in
Finland. The Board of Directors further notes that it expects the consolidation
trend to continue within the financial services sector, and that whilst FIMs
possibilities to grow independently are not threatened by the market trends, the
contemplated combination gives FIM a broader platform for growth.

The Board of Directors is not aware of any need of staff reductions in FIM
should the tender offer be completed.

After evaluating the tender offer from FIMs and its shareholders perspective
and having received a fairness opinion from Access Partners, it is the
assessment of the Board of Directors that the offer price offered by Glitnir is
fair to the FIM shareholders and option holders from a financial perspective.

Therefore, the Board of Directors, subject to that no superior offer will be
made prior to the expiry of the tender offer period for the tender offer,
recommends the shareholders and option holders to accept the tender offer.
Further, the Board of Directors has caused FIM to enter into a combination
agreement with Glitnir to such effect.

The Board of Directors recognizes the merits of the offer and emphasizes that at
the time of acceptance each FIM shareholder and option holder must independently
decide whether to accept the combined cash and share offer, the cash offer or
not to accept the Tender Offer. The Board of Directors recommends each
shareholder and option holder to independently evaluate the impact of possible
exchange rate fluctuation risk, the risk associated with the general development
in the Icelandic economy, tax position, trading and other costs and volatility
risk with respect to the share component of the combined cash and share offer.

Access Partners has rendered a fairness opinion to the Board of Directors of FIM
to the effect that, as of the date thereof and based upon and subject to the
assumptions, considerations and limitations set forth therein and other factors
deemed relevant, the tender offer is fair, from a financial point of view, to
the shareholders and option holders of FIM. The fairness opinion will be
published in full in the public offer documents issued by Glitnir in connection
with the tender offer. The full fairness opinion prevails over any summary set
out in this announcement.

Based on the above, the Board of Directors recommends the shareholders and
option holders of FIM to accept the tender offer.

The Combination Agreement

Glitnir has entered into a combination agreement with FIM today regarding the
principle terms of the tender offer, certain undertakings by FIM regarding the
conduct of business of FIM, as well as certain other terms related to the tender
offer. The principle terms of the combination agreement are as follows:

The combination agreement between Glitnir and FIM stipulates the principle terms
under which Glitnir will make the tender offer. The combination agreement also
addresses the recommendation given by the Board of Directors of FIM and the
terms under which the recommendation may be changed or revoked pursuant to the
obligations of the Board of Directors under the Finnish Companies Act and the
Securities Markets Act. The combination agreement also contains stipulations
regarding the cooperation of the parties for the purposes of preparing necessary
filings and documents required to execute the tender offer and the acquisition
of FIM by Glitnir. FIM and its subsidiaries shall until the completion of the
tender offer (i) conduct their respective businesses in the ordinary course and
in all cases based on reasonable business judgment; and (ii) notwithstanding the
aforesaid, refrain from making or implementing, inter alia, any material changes
in its business, any material investments or divestments outside the ordinary
course of business, or borrowing any loan outside the ordinary course of
business; and/or any change of articles of association.

Advisors

Access Partners acted as a financial advisor and attorneys at law White & Case
as a legal advisor to the Board of Directors of FIM.

Statement of the Board of Directors of FIM, Antti Kivimaa

"We believe that a combination of Glitnir and FIM would create a very strong
player in the Nordic market which would strengthen both organizations and
enhance and broaden the service and product offering to the customers.
Furthermore, Glitnir would be well positioned to support FIM with regard to the
development of retail banking operations in Finland. The new organization would
provide FIM employees the new opportunity to develop themselves within a larger
entity."

Statement of the CEO of FIM, Risto Perttunen

"FIM has a business portfolio that combines profitable growth of the existing
businesses and investments in future growth areas. During its twenty years of
operation, FIM has grown from a small entrepreneurial niche service provider to
a mid-sized integrated investment services company. As a forerunner for
investments into emerging markets and with its subsidiary in Moscow FIM has
become a leading Finnish investment services group with emphasis on emerging
markets. FIM also has a brand that is well recognised among Finnish institutions
and private customers. We see that Glitnir and FIM have quite similar industrial
logics and strongly believe that our businesses complement each other well. In
addition to that, we believe that FIMs expertise in the emerging markets and
Glitnirs strong presence in the Nordic investment services market open new
opportunities for the combined new company".

Statement of the CEO of Glitnir, Bjarni Ármannsson

"FIM is a strategic complement to our overall growth strategy. It has a solid
share in the Finnish market, a strong client base, and we plan to build further
on the companys position as a leading Nordic investment services company with
focus on asset management, brokerage service and corporate advisory. We also see
that it will enhance our product range in many areas where FIM has a fantastic
track record FIMs strong research coverage will facilitate volume into Finland
through Glitnir. Glitnir and FIM will have access to in-house research material,
knowledge and deal flow in Norway, Sweden, Finland, Iceland and Russia. FIMs
domestic retail base and Glitnirs international clients have interest and
appetite in the Russian market. This is the first acquisition where we use
Glitnirs shares as a significant part of the payment and for us this is a very
important part of the transaction. The acquisition strengthens Glitnirs
position in the Nordic region and provides the bank with a platform for further
profitable growth."

FIM Group Corporation
Board of Directors

For further information please contact:
Antti Kivimaa, Chairman of the Board, FIM Group Corporation +358 400 501 780
Risto Perttunen, CEO, FIM Group Corporation +358 9 6134 6303

Distribution:
Helsinki Stock Exchange
The main media
www.fim.com

Established in 1987, FIM is a Finnish investment services group that offers
asset management, brokerage and investment banking services for private persons
and organizations. In addition to the head office in Helsinki, FIM has regional
offices in Espoo, Jyväskylä, Kuopio, Lahti, Oulu, Riihimäki, Tampere, Turku, and
Vaasa. FIM also operates in Stockholm and Moscow. The company's net sales in
2006 were about 82 million euros and operating profit 19.1 million euros. FIM
employed 284 persons at the end of 2006. www.fim.com

DISCLAIMER

These materials are not an offer of securities for sale in the United States.
Securities may not be offered or sold in the United States absent registration
or an exemption from registration under the U.S. Securities Act of 1933, as
amended.  The issuer of the shares has not registered, and does not intend to
register, any portion of the offering in the United States and does not intend
to conduct a
public offering of shares in the United States.

This document is not a prospectus and as such does not constitute an offer to
sell or the solicitation of an offer to purchase shares or rights to subscribe
for shares.  Investors should not subscribe for any shares or rights referred to
in this document, or tender any shares, except on the basis of the information
contained in a prospectus or tender offer document.

This document is only being distributed to and is only directed at (i) persons
who are outside the United Kingdom or (ii) to investment professionals falling
within Article 19(5) of the Financial Services and Markets Act 2000 (Financial
Promotion) Order 2005 (the "Order") or (iii) high net worth entities, and other
persons to whom it may lawfully be communicated, falling within Article 49(2)(a)
to (d) of the Order (all such persons together being referred to as "relevant
persons").  The shares are only available to, and any invitation, offer or
agreement to subscribe, purchase or otherwise acquire such securities will be
engaged in only with, relevant persons.  Any person who is not a relevant person
should not act or rely on this document or any of its contents.

Offers will not be made directly or indirectly in any jurisdiction where
prohibited by applicable law and any offer documents and related acceptance
forms will not and may not be distributed, forwarded or transmitted into or from
any jurisdiction where prohibited by applicable law. In particular, the rights
offering and the tender offer will not be made, directly or indirectly, in or
into, or by use of the mails of, or by any means of instrumentality (including
without limitations, mail, facsimile transmission, e-mail or telephone) of
interstate or foreign commerce of, or any facilities of a national securities
exchange of the United States, Canada, Japan or Australia.

APPENDIX

PRINCIPLE TERMS AND CONDITIONS OF THE TENDER OFFER

Glitnir banki h.f. will announce the complete terms and conditions of the Tender
Offer and information on how the Tender Offer can be accepted by stock exchange
release separately.

Object of the Tender Offer:

Subject to the terms and conditions set forth below, the Glitnir banki h.f.
("Glitnir" or the "Offeror") (or a fully owned subsidiary of the Offeror) offers
to acquire all issued and outstanding Shares and Options, which are not owned by
FIM Group Corporation ("FIM" or the "Company") or a company belonging to the FIM
group of companies.

Offer Price:

The Offer Price for each FIM Share validly tendered and not properly withdrawn
in accordance with the terms and condition of the Tender Offer is Eur 8.00. The
shareholders of FIM have two alternatives to accept the Tender Offer:

(a) Combined cash and Glitnir share offer containing Eur 4.00 (four euros) cash
and 14.75 (fourteen point seventy five) Glitnir shares per each FIM Share. The
computational value of the combined offer is Eur 8.00 based on the Rates
(defined in this offer), or

(b) Cash offer for Eur 8.00 (eight euros) per FIM Share.

If the General Meeting of Shareholders of FIM resolves on a dividend
distribution in excess of Eur 0.14 (fourteen cents) after the Announcement and
the record date established for such dividend distribution precedes the
Settlement Date (as defined in these terms), the Offer Price shall be reduced by
the amount of the dividend in excess of Eur 0.14 (fourteen cents) per Share in
any such dividend distribution, and if the record date is after the Settlement
Date, the Offer Price shall be increased with Eur 0.14 (fourteen cents).

If the General Meeting of shareholders of Glitnir resolves on a dividend
distribution in excess of 30% (thirty per cent) of the profit of Glitnir as
presented in the approved annual accounts for 2006, and the record date
established for such dividend distribution precedes the Settlement Date, the
above Glitnir share price shall be adjusted downwards ISK for ISK by the total
amount of dividend distribution. The number of Glitnir shares paid as
consideration for each FIM Share will be adjusted accordingly. A dividend
payment by Glitnir, as described above, does not affect the Offer Price if the
cash offer is chosen.

The price for the options 2006A and 2006H entitling for shares in the Company
will be the indicative offer price of EUR 8 per option less the exercise price,
being trade weighted average of the Companys share price in regular trading on
the Helsinki stock exchange between 1 October and 31 December 2006. The exercise
price for the options 2006A and 2006H shall, in accordance with the option
terms, be adjusted by any dividend paid by FIM after the date hereof and prior
to the closing of the Tender Offer. The options 2006B and 2006C are in the
possession of the FIM Group and shall not be subject to the offer.

"Rates": The value of Glitnir share is deemed to be ISK 24.8 per share being the
closing price of the Glitnir share in the Islandic Stock Exchange on 15 January
2007. The ISK/EUR exchange rate is 91.44 being the mid rate published by the
Icelandic Central Bank on 16 January

The "Settlement Date" is the date upon which a person shall have been registered
as a shareholder of FIM or Glitnir, as applicable, to be entitled to receive
dividends decided to be paid by the annual general meeting of shareholders of
the respective companies.

Conditions to Completion of the Tender Offer:

The obligation of the Offeror to accept for payment the Shares and Options
validly tendered and not properly withdrawn pursuant to the Tender Offer is
subject to the satisfaction or, where permitted, waiver by the Offeror of the
following conditions ("Transaction Conditions") on or prior to the execution of
the sale and purchase of the Shares and Company Options pursuant to the Tender
Offer (the "Closing Date"):

(i) More than two thirds (2/3) of the Company Shares outstanding (on fully
diluted basis) have been validly tendered and not properly withdrawn in
accordance with the terms and conditions of the Tender Offer, or are otherwise
in the ownership and possession of Glitnir.
   
(ii) The approvals of (a) the antitrust and merger control authorities and (b)
other relevant authorities (such as financial supervision authorities), in
jurisdictions in which the approval of such authorities is required, shall have
been received, and any material conditions set forth in such approvals can be
accepted by the Offeror (acting reasonably), and any applicable waiting periods
shall have expired or have been terminated or waived.

(iii) No order shall have been issued by a court of competent jurisdiction or
other governmental authority preventing the consummation of the Tender Offer or
the other transactions contemplated by the Combination Agreement that remains in
effect.

(iv) The Board of Directors of FIM has recommended the acceptance of the Tender
Offer to the shareholders of FIM, and such recommendation has not been revoked
or amended to the detriment of Glitnir.

(v) There is no material breach of the terms of the Combination Agreement
between Glitnir and FIM or the Agreement between Glitnir and the Majority
Shareholders, including the undertakings of the Majority Shareholders, which has
not been remedied, and the Combination Agreement shall not have been terminated
in accordance with its terms.

(vi) There has been no decision to change the Articles of Association or any
material change to the accounting principles or practices of FIM.

(vii) There has been no decision or proposal concerning or constituting: (i) a
change in the number of shares in or share capital of FIM or its subsidiaries,
including without limitation by reclassification, recapitalisation, stock split,
combination or issuance of any shares or securities convertible into or
exchangeable for shares in FIM or in its subsidiaries; (ii) any sale, purchase,
transfer or other disposal of Shares or treasury Shares (as the case may be) or
the treasury Options or any other shares or securities convertible into or
exchangeable for shares in FIM or in its subsidiaries (whether or not based on
the authorisations granted to the Board of Directors); and/or (iii) a non-
mandatory material increase in the current or future compensation or other
benefits in any manner whatsoever (including without limitation by way of
synthetic options, bonus, insurance, severance or pension arrangements) of each
of the persons employed by or serving FIM or its subsidiaries.

(viii) The lock-up arrangements and other restrictions that the shares held by
the Majority Shareholders are currently subject to are cancelled.

(ix) The Offeror has not received information regarding any facts or
circumstances that have resulted in or constituted, or that are likely to result
in or constitute, a Material Adverse Change (as defined below).

"Material Adverse Change" means any material adverse change in, or material
adverse effect on, the business, assets, financial condition or results of
operations of FIM and/or its subsidiaries, taken as a whole (disregarding any
impact of the Tender Offer, market fluctuation or extraordinary changes in FIMs
competitive environment), or any divestment or reorganisation of any material
part or assets of FIM and/or its subsidiaries or any other material action or
plan for action outside the ordinary course of business.

The Offeror reserves the right to waive any of the Transaction Conditions that
have not been satisfied.

Tender Offer Period

The Tender Offer is expected to be launched on March 12, 2007 or as soon as
practicable thereafter. As shares in Glitnir will be offered as Consideration, a
prospectus will need to be filed with appropriate financial supervision
authorities, which may affect the time when the Tender Offer can be launched.
The tender offer period is expected to initially be approximately four weeks.

The Offeror will reserve the right to extend or suspend the Tender Offer Period,
as allowed under the Securities Markets Act.

Glitnir will decide on all other matters related to the Tender Offer.

The Tender Offer will not be made directly or indirectly in areas in which
making the Tender Offer would violate the law. The Tender Offer Document or its
related acceptance forms will not be distributed or forwarded, nor may they be
distributed or forwarded in any way, such as by post, fax, email or telephone,
or in any other way, to or from areas where it would violate the law. The Tender
Offer will not be made directly or indirectly in the United States, Canada,
Australia or Japan, nor to those countries, and nor will the Tender Offer
Document or its related information be sent to the United States, Canada,
Australia or Japan.